New Price Targets and an ETF for Dogecoin?

by

Why a Dogecoin ETF Could Make Sense

As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless trends come and go. From the dot-com bubble to the housing market crash, I’ve seen it all. However, the rise of Dogecoin has left me utterly intrigued.

The surge of cryptocurrency ETFs has swept Wall Street off its feet, with Bitcoin ETFs already approved and Ethereum ETFs accumulating at the SEC like vehicles on a busy holiday road. So, why not Dogecoin? Supporters believe that Dogecoin’s unprecedented popularity and enduring market resilience make it an undeniable candidate for ETF recognition.

A financial expert, known to own a Shiba Inu, comments that Dogecoin stands out due to its passionate community, who would presumably swarm to an ETF offering. As regulators increasingly accept cryptocurrency as a legitimate asset class, Dogecoin might capitalize on this trend.

It’s a valid point. Regulatory attitudes toward crypto have shifted from outright skepticism to cautious engagement. If Bitcoin and Ethereum can make the cut, why not Dogecoin? After all, Wall Street has embraced crazier phenomena—remember GameStop?

When Meme Culture Meets Market Dynamics

Although some might see Dogecoin’s quirky nature as a drawback, it could actually be its unique strength. Unlike other digital currencies, Dogecoin symbolizes the merging of internet memes and finance, turning it into both a cultural sensation and an economic trial run. A Dogecoin ETF, therefore, would not only serve as an investment opportunity; it would also be a daring declaration—a defiant gesture toward conventional finance.

Eric Balchunas, senior ETF analyst at Bloomberg, succinctly expressed his thoughts: “Could DOGE be pushing things too far? Possibly. However, in the realm of ETFs, nothing is impossible. Somebody will inevitably attempt it. Why not?

2025: The Year of the Doge?

With the calendar moving closer to 2025, discussions about a potential Dogecoin Exchange-Traded Fund are likely to grow more heated. Is it truly on the horizon, or merely another cryptocurrency fantasy? One point that’s indisputable: if a Dogecoin ETF gets approved, it would be a groundbreaking event in financial lore, demonstrating that the seemingly impossible can indeed become reality.

Currently, both traders and cryptocurrency enthusiasts are closely monitoring Dogecoin (DOGE). The optimistic forecasts about its price and the recurring phrase “Doge to $1” in online discussions indicate that the original meme coin is still captivating people’s interest. Will Dogecoin reach a dollar by 2025, or even sooner? In the volatile cryptocurrency market, anything seems possible. As we shall see later on, some traders have even more optimistic price predictions for Dogecoin.

On platform X, crypto trader and analyst Bluntz stated that “From a trend perspective, Doge/BTC has entered a powerful upward trajectory. It followed an ABC cycle pattern between days 21-24, dropping by 90%. This cycle’s peak is likely to be surpassed, and a 1.618 extension from the previous cycle is usually a straightforward measurement. This would place Doge/BTC at approximately 0.00002, representing a significant increase of 373%.” However, there might be more to come.

Despite my reservations about it, I still believe Bitcoin will be around $140 or potentially more when this cycle concludes. If we add another 45% on top of the current price increase of 373%, that would roughly equate to a total increase of 420%. Now, while the math may not be perfect, I’m saying the real target is around $2.20 per unit.

 

Read More

2024-12-01 13:58